Co-op homes are coming to Lake Stevens

Published 12:01 am Friday, September 16, 2011

EVERETT — Richard Reese wants to help make cooperative housing familiar for people in Snohomish County.

His company, Realife Northwest, has built more than 30 such housing projects, mostly in the Midwest. Reese spent the past two years finding a site for the company’s first age restrictive c

ooperative housing complex in the Pacific Northwest. He found it in Lake Stevens.

The 83,000-square-foot Realife Cooperative of Lake Stevens building is planned to go up next year near shopping and transit centers off 101st Avenue and Chapel Hill in Lake Stevens. The 35 units in the complex will be for people age 55 and older.

The units won’t be condominiums or apartments, Reese said. The cooperative’s residents are owners of the land and building and pay one mortgage on the property. They are responsible for handling operations through a resident-elected board of directors.

“They purchase a share of stock that’s basically like a down payment on a home,” Reese said. “(The housing cooperative) is set up as a not-for-profit so the rents they’re paying back to themselves as their monthly cost cannot be more than it costs to operate that building. It almost fixes their price over the long term.”

A resident’s share price and monthly rent vary according to the unit type and size. The monthly cost includes a shareholder’s portion of mortgage principal, interest and insurance premium, real estate taxes, building repairs, grounds maintenance, water, sewer and trash, among other things. It does not include gas or electricity and telephone service.

The units in the four-story building are set to range from about 1,100 square feet to nearly 1,700 square feet. All include two bedrooms, a full kitchen and 1 1/2 or 2 bathrooms. Garage parking with an area for washing cars, an exercise room, workshop, community room, library, craft room and a game room are set to be part of the complex. Guest rooms for family and friends will also be available for $30 a night.

Share value increases by 2.5 percent every year, Reese said. When a resident decides to move out he or she sells the share back and those on a waiting list for a unit have the chance to buy.

The project is in the marketing and selling phase, Reese said. An informational meeting is planned at 10:30 a.m. on Tuesday at the Holiday Inn at 3105 Pine St. in Everett. People who sign up early can choose what type of flooring, countertops, cabinets and appliances they want in their home. Reese said.

“The biggest hurdle to cooperative housing is that it’s not familiar to people so it’s an educational process,” he said.

Realife Northwest is located at 1721 Hewitt Ave. Suite 404 in Everett. Call 425-374-2097 for more information.

Amy Daybert: 425-339-3491; adaybert@heraldnet.com.